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Latest news and features from theguardian.com, the world's leading liberal voiceen-gbGuardian News and Media Limited or its affiliated companies. All rights reserved. 2015Sun, 02 Aug 2015 19:01:52 GMT2015-08-02T19:01:52Zen-gbGuardian News and Media Limited or its affiliated companies. All rights reserved. 2015The Guardianhttp://assets.guim.co.uk/images/guardian-logo-rss.c45beb1bafa34b347ac333af2e6fe23f.pnghttp://www.theguardian.com
The best fund for small investorshttp://www.theguardian.com/money/2015/aug/01/best-fund-small-investors
Sanlam has just published its list of top performers – and those to avoid<p>The best one-year savings bonds pay depositors just 2% interest. Locking your cash away for five years would earn you around 3%. However, you can pick up 4% in dividends a year from funds of shares – and, like deposit accounts, put them in a tax-free Isa. If you are prepared to take on the risk of investing in funds for an income, what should you buy, and how?</p><p>This week wealth manager Sanlam issued its income study, naming the good, the bad and the ugly of income funds for small investors. Top of its list is the Chelverton UK Equity Income fund, which has a current dividend yield of 4.4% a year. Over the past five years, for every &pound;100 invested it has paid a total dividend of &pound;36.50 – far outstripping the amount savers could earn from their cash on deposit. Chelverton is a “boutique” investment management operation that specialises in investing in small and medium-sized companies.</p> <a href="http://www.theguardian.com/money/2015/aug/01/best-fund-small-investors">Continue reading...</a>Investment fundsInvestmentsSavingsIsasConsumer affairsMoneySat, 01 Aug 2015 05:59:02 GMThttp://www.theguardian.com/money/2015/aug/01/best-fund-small-investorsPhotograph: /AlamyTop of the Sanlam list is the Chelverton UK Equity Income fund. Photograph: AlamyPhotograph: /AlamyTop of the Sanlam list is the Chelverton UK Equity Income fund. Photograph: AlamyPatrick Collinson2015-08-01T05:59:02ZBuy to let us … boost a pension, buy a property and help our childrenhttp://www.theguardian.com/money/2015/jul/27/buy-to-let-pension-savings-property-amateur-investors
Despite George Osborne’s budget crackdown, there’s a growing breed of ‘amateur’ investors using buy-to-let for many different reasons<p>At the age of 25 Shivi Hotwani still lives at home with his parents in north-west London. After years of saving he recently got a foothold on the property ladder. But his &pound;160,000 two-bed flat is not in the capital, where he works as a conference manager, and he doesn’t get to live in it.</p><p>“I wanted to buy a flat in London as I have lived here my whole life but, even with my parents help, I just can’t afford to,” he says.</p><p> <span>Related: </span><a href="http://www.theguardian.com/money/2015/jul/11/buy-to-let-budget-tax-profits-mortgage">Osborne drops tax bombshell that will wipe out bulk of buy-to-let profits</a> </p><p>I'd like to buy to live, but I feel no one is helping me achieve that – so I’m doing what I need to get on the ladder</p> <a href="http://www.theguardian.com/money/2015/jul/27/buy-to-let-pension-savings-property-amateur-investors">Continue reading...</a>Buying to letMoneyPropertyMortgagesHousing marketBusinessPensionsRetirement planningSavingsHouse pricesUK newsInvestmentsMon, 27 Jul 2015 06:00:09 GMThttp://www.theguardian.com/money/2015/jul/27/buy-to-let-pension-savings-property-amateur-investorsPhotograph: Antonio Olmos for the ObserverShivam Hotwani has bought a buy-to-let property. Photograph: Antonio Olmos/The ObserverPhotograph: Antonio Olmos for the ObserverShivam Hotwani has bought a buy-to-let property. Photograph: Antonio Olmos/The ObserverLisa Bachelor2015-07-27T06:00:09ZNot seeing eye to eye over ‘missed’ NS&I deadlinehttp://www.theguardian.com/money/2015/jul/27/national-savings-investments-bonds-documentation
<p>We received confirmation that National Savings had received our supporting documentation on time, but now it says we were too late</p><p><strong>Back in May I applied to National Savings &amp; Investments to open a 65+ Bond valued at &pound;20,000, in the joint names of my husband and myself. All was satisfactorily put in place until, after a holiday, we realised time was short to meet the deadline for the return of the necessary ID documents. The day before the deadline I sent them via registered mail, and received a letter from NS&amp;I confirming they had arrived in time.</strong></p><p><strong>But five days later we received a second letter from NS&amp;I stating that the necessary documents had not been received in adequate time, and as a result we had missed out on the bond. </strong></p> <a href="http://www.theguardian.com/money/2015/jul/27/national-savings-investments-bonds-documentation">Continue reading...</a>BondsSavingsMoneyConsumer affairsConsumer rightsBanks and building societiesInvestmentsUK newsMon, 27 Jul 2015 06:00:05 GMThttp://www.theguardian.com/money/2015/jul/27/national-savings-investments-bonds-documentationPhotograph: Ann Pickford/Rex FeaturesNS&I is causing us to miss out on two £20,000 bonds. Photograph: Ann Pickford/Rex FeaturesPhotograph: Ann Pickford/Rex FeaturesNS&I is causing us to miss out on two £20,000 bonds. Photograph: Ann Pickford/Rex FeaturesMiles Brignall2015-07-27T06:00:05ZBan misleading account names, banks toldhttp://www.theguardian.com/money/2015/jul/23/ban-misleading-account-names-banks-told
<p>The FCA outlines proposals to force banks and building societies to provide consumers with clear and timely information</p><p> Enticing names such as Liquid Gold and Gold Saver on savings accounts that pay some of the worst rates of interest could become a thing of the past under rules proposed by the City watchdog.</p><p>In a proposed shake-up of the &pound;700bn savings market, the Financial Conduct Authority (FCA) said accounts with low interest rates should not be given names that are misleading, and that it would take action against banks and building societies that continue to do so. </p><p>Providers should have been doing these basics as a matter of course</p> <a href="http://www.theguardian.com/money/2015/jul/23/ban-misleading-account-names-banks-told">Continue reading...</a>Banks and building societiesMoneySavings ratesSavingsCurrent accountsUK newsThu, 23 Jul 2015 12:04:09 GMThttp://www.theguardian.com/money/2015/jul/23/ban-misleading-account-names-banks-toldPhotograph: Geoffrey Robinson/AlamyThe FCA plans to stop banks and building societies overselling their products.Photograph: Geoffrey Robinson/AlamyThe FCA plans to stop banks and building societies overselling their products.Lisa Bachelor2015-07-23T12:04:09ZDon’t expect savings rates to rise, savers toldhttp://www.theguardian.com/money/2015/jul/19/savings-rates-bank-of-england
The Bank of England has hinted at a Base rate rise, but the connection between it and savings rates has been severed for some time<p>For the first time in years things are looking up for savers. Or are they?</p><p>Last Thursday Mark Carney, the governor of the Bank of England, indicated that interest rates would rise as early as December. This should be good news for savers who have witnessed rock bottom returns over a six-year period in which the Bank base rate has stayed at 0.5%. But this might not bring a correlating rise in the rates paid on savings accounts.</p> <a href="http://www.theguardian.com/money/2015/jul/19/savings-rates-bank-of-england">Continue reading...</a>Savings ratesMoneySavingsBanks and building societiesInterest ratesEconomicsBusinessBank of EnglandUK newsSun, 19 Jul 2015 06:00:08 GMThttp://www.theguardian.com/money/2015/jul/19/savings-rates-bank-of-englandPhotograph: Wpa Pool/Getty ImagesBank of England governor Mark Carney has indicated that interest rates would rise as early as December. Photograph: Wpa Pool/Getty ImagesPhotograph: Wpa Pool/Getty ImagesBank of England governor Mark Carney has indicated that interest rates would rise as early as December. Photograph: Wpa Pool/Getty ImagesLisa Bachelor2015-07-19T06:00:08ZHow will higher interest rates affect you?http://www.theguardian.com/money/2015/jul/18/how-higher-interest-rates-affect-you
<p>With interest rates likely to start climbing towards 2.5%, we look at what you can do to take advantage or mitigate the effects</p><p>The era of ultra-low interest rates will soon be coming to an end, with Bank of England governor Mark Carney warning of the first rate rise at the turn of the year. But he also said that rates are unlikely to return to the 5%-plus that was common before the financial crisis. The new normal may be closer to 2.25%- 2.5%, he hinted. But what will rate hikes mean for your personal finances – and what can you do about it now?</p><p><strong>Mortgages </strong>A 0.5% rise in base rate will add &pound;38 a month to the typical &pound;150,000 mortgage, assuming the homeowner is on a deal such as Nationwide’s 2.5% tracker loan, where borrowers pay base rate plus 2%. If base rate keeps on rising through 2016 and 2017 to hit 2.5%, the pay rate on the Nationwide loans will be 4.5%. For someone with a &pound;150,000 mortgage it means the monthly repayment will jump from &pound;673 today to &pound;833. Our table shows what it will mean for other loan sizes.</p><p>Savings rates are not going to rise across the board by any means</p> <a href="http://www.theguardian.com/money/2015/jul/18/how-higher-interest-rates-affect-you">Continue reading...</a>MortgagesSavingsBanks and building societiesMoneyUK newsInterest ratesBank of EnglandSat, 18 Jul 2015 06:00:06 GMThttp://www.theguardian.com/money/2015/jul/18/how-higher-interest-rates-affect-youPhotograph: Dan Kitwood/Getty ImagesThe Bank of England seems certain to raise interest rates after a long period of stability. Photograph: Dan Kitwood/Getty ImagesPhotograph: Dan Kitwood/Getty ImagesThe Bank of England seems certain to raise interest rates after a long period of stability. Photograph: Dan Kitwood/Getty ImagesPatrick Collinson and Lisa Bachelor2015-07-18T06:00:06ZWant a comfortable retirement? You only need to save £86 a monthhttp://www.theguardian.com/money/2015/jul/18/comfortable-retirement-save-86-month
It’s not too late for a typical 45-year-old to start saving for retirement, and it won’t cost a fortune<p>For the typical worker over the age of 45, saving an extra &pound;86 a month could make the difference between living a financially comfortable retirement and struggling in later years, according to latest research.</p><p>The <a href="https://drive.google.com/a/guardian.co.uk/file/d/0By5bZ_jlgS4TMW5QTlAtWUZESWM/view?pli=1" title="">figures come in a report from pension giant Aviva</a>, which estimates that a pensioner needs a basic annual income of &pound;12,590 a year, or &pound;242 a week, to get by. The annual state pension averages &pound;6,556 (including entitlements to state second pension), so that leaves individuals having to find an additional income of &pound;6,034 a year.</p><p> <span>Related: </span><a href="http://www.theguardian.com/money/2015/jun/30/how-to-maximise-state-pension">How to maximise your state pension</a> </p><p>It is not surprising that many people plan to utilise the value of their property as part of their retirement</p> <a href="http://www.theguardian.com/money/2015/jul/18/comfortable-retirement-save-86-month">Continue reading...</a>Retirement planningOccupational pensionsState pensionsEquity releasePensionsSavingsFamily financesMoneyUK newsSat, 18 Jul 2015 06:00:05 GMThttp://www.theguardian.com/money/2015/jul/18/comfortable-retirement-save-86-monthPhotograph: Juice Images/AlamyA comfortable retirement may be easier than you think. Photograph: Juice Images/AlamyPhotograph: Juice Images/AlamyA comfortable retirement may be easier than you think. Photograph: Juice Images/AlamyJill Papworth and Patrick Collinson2015-07-18T06:00:05ZBanks need a paradigm shift to make headway in developing countrieshttp://www.theguardian.com/global-development-professionals-network/2015/jul/17/banks-needs-a-paradigm-shift-to-make-headway-in-developing-countries
<p>Formal banking needs to mimic the informal sector, and offer greater utility to customers in developing countries, or people won’t be rushing to sign up<br></p><p>In 1778 the first modern-day savings bank in Germany was founded in Hamburg. The bank was set up to develop solutions for people with low incomes to save small sums of money and support business startups. Fast forward two centuries and there are now 431 savings banks in Germany with 15,600 branches and total assets of €1tn. Each savings bank is independent, locally managed and concentrates its business activities on customers in the region in which it is situated.</p><p>Financial services provided, operated and governed at the local level is not a new phenomenon. For centuries communities have pooled capital for investment, consumption and risk mitigation. In many high- and middle-income countries local provision exists in the formal financial sector (eg Germany). However in most of the developing world local provision is informal. <br /></p><p> <span>Related: </span><a href="http://www.theguardian.com/global-development-professionals-network/2014/oct/01/democratic-republic-of-congo-village-savings-loans-children-crisis-microfinance">Banks in the DRC: the community that saves together stays together</a> </p><p> <span>Related: </span><a href="http://www.theguardian.com/global-development-professionals-network/2015/jun/01/sex-workers-in-zimbabwe-what-drove-us-to-accept-payments-by-mobile-money">Sex workers in Zimbabwe: what drove us to accept mobile payments</a> </p><p> <span>Related: </span><a href="http://www.theguardian.com/global-development-professionals-network/2014/nov/03/from-savings-groups-to-bank-accounts-how-do-we-get-to-the-next-level">From savings groups to bank accounts: how do we get to the next level?</a> </p> <a href="http://www.theguardian.com/global-development-professionals-network/2015/jul/17/banks-needs-a-paradigm-shift-to-make-headway-in-developing-countries">Continue reading...</a>Global development professionals networkfinancial inclusion - global development professionals networkMicrofinanceSavingsThailandSouth AfricaAfricaMalawiMoneyPrivate sectorFri, 17 Jul 2015 13:00:52 GMThttp://www.theguardian.com/global-development-professionals-network/2015/jul/17/banks-needs-a-paradigm-shift-to-make-headway-in-developing-countriesPhotograph: Dan ChungBetween 2008 and 2014, membership of village savings and loans associations grew from 66,000 adults to 1.1 million.Photograph: Dan ChungBetween 2008 and 2014, membership of village savings and loans associations grew from 66,000 adults to 1.1 million.Hennie Bester, Jeremy Gray and David Saunders2015-07-17T13:00:52ZThe budget behind the headlineshttp://www.theguardian.com/money/2015/jul/12/budget-behind-headlines-george-osborne-policies
George Osborne’s summer budget has received mixed reviews. We look at the small print<p>Some called it the true blue budget and others the chancellor’s war on the welfare state. But at last week’s balancing of the fiscal books, the chancellor wielded the axe at billionaires as well as benefit claimants, with a number of headline-grabbing measures around personal finance.</p><p>These included <a href="http://www.theguardian.com/uk-news/2015/jul/08/osborne-buy-to-let-tax-relief-limit-budget" title="">changes to the taxation of buy-to-let mortgages</a> that will hit wealthier landlords, a <a href="http://www.theguardian.com/uk-news/2015/jul/08/chancellor-cuts-tax-relief-earners-150000" title="">reduction in the tax relief on pensions</a> that will hit those earning more than &pound;150,000, and increases to insurance tax that will undoubtedly result in more expensive home and motor premiums. But there were also some hidden nuggets the chancellor either didn’t mention or didn’t elaborate on. Here are some that might affect you.</p> <a href="http://www.theguardian.com/money/2015/jul/12/budget-behind-headlines-george-osborne-policies">Continue reading...</a>Family financesIsasPensionsInsuranceSavingsMoneyBudget 2015 (July)Budget 2015 (March)BudgetUK newsConsumer affairsSun, 12 Jul 2015 05:59:01 GMThttp://www.theguardian.com/money/2015/jul/12/budget-behind-headlines-george-osborne-policiesPhotograph: Yui Mok/PACameras are focused on the door of 11 Downing Street, before chancellor George Osborne delivers in his first Tory-only budget. Photograph: Yui Mok/PAPhotograph: Yui Mok/PACameras are focused on the door of 11 Downing Street, before chancellor George Osborne delivers in his first Tory-only budget. Photograph: Yui Mok/PALisa Bachelor2015-07-12T05:59:01ZSummer budget 2015: what to expect from George Osbornehttp://www.theguardian.com/uk-news/2015/jul/07/summer-budget-2015-what-to-expect-from-the-chancellor
<p>Clues from past budgets and manifesto pledges can help us gauge the likely changes, be they welfare benefit cuts, changes in tax and pension allowances, bank levies or fuel duty</p><p>On Wednesday George Osborne will deliver the first budget by a Conservative government in almost 20 years. </p><p>His March budget, under the coalition with the Liberal Democrats, provided some clues as to what he might say when he unveils his measures this afternoon. The Conservative manifesto contained a wide range of promises to present a budget for “hard-working families” – one of the chancellor’s buzzphrases.</p><p> <span>Related: </span><a href="http://www.theguardian.com/business/2015/jul/07/george-osbornes-budget-to-include-shakeup-of-sunday-trading-laws">Budget 2015: George Osborne to shake up Sunday trading laws</a> </p> <a href="http://www.theguardian.com/uk-news/2015/jul/07/summer-budget-2015-what-to-expect-from-the-chancellor">Continue reading...</a>Budget 2015 (July)BudgetUK newsTax and spendingTaxTax avoidanceTax creditsFuel dutyHousingHousing marketPropertyReal estatePensionsGeorge OsborneApprenticeshipsInheritance taxSavingsEconomic growth (GDP)Economic recoveryAusterityBusinessEconomicsFamily financesMoneyPetrol pricesPoliticsSocietyState benefitsMotoringEducationCorporate governanceCommunitiesBenefitsBanks and building societiesBuying to letTue, 07 Jul 2015 14:50:48 GMThttp://www.theguardian.com/uk-news/2015/jul/07/summer-budget-2015-what-to-expect-from-the-chancellorPhotograph: Linda Nylind for the GuardianPersonal tax allowance changes are likely for middle earners.Jill Treanor2015-07-07T14:50:48ZChina is panicking over a market bubble. What would it do in a real crisis?http://www.theguardian.com/business/2015/jul/05/china-panicking-bubble-what-would-it-do-in-real-crisis
The numbers are staggering, but Beijing’s measures to prop up tumbling shares look like a ridiculous over-reaction<p>As Greece holds a referendum that may create more uncertainties than it solves, are we looking in the wrong place for a financial crisis? In China, the authorities are in a fine sweat about a more traditional financial conundrum:<a href="http://www.theguardian.com/business/2015/jul/03/chinas-stock-market-slump-continues" title=""> a bubble in the stock market</a>. How do you deflate it safely? Should you even try?</p><p>As with many things in China, the numbers are staggering. The two main indices – the Shanghai Composite and the Shenzhen Composite – had risen about 150% in the 12 months to mid-June. In terms of market value, that was a gain of about $6.5tn. Since then, the market has tumbled almost 30% – call it a $2tn plunge.</p><p>Beijing was sending a message that it is setting interest rates for the stock market rather than the economy</p> <a href="http://www.theguardian.com/business/2015/jul/05/china-panicking-bubble-what-would-it-do-in-real-crisis">Continue reading...</a>Stock marketsChinaAsia PacificWorld newsBusinessJohn LewisRetail industryBankingSavingsSun, 05 Jul 2015 07:59:09 GMThttp://www.theguardian.com/business/2015/jul/05/china-panicking-bubble-what-would-it-do-in-real-crisisPhotograph: David Simonds for the ObserverThe Chinese stock market: officially sanctioned prices? Illustration: David Simonds/The ObserverPhotograph: David Simonds for the ObserverThe Chinese stock market: officially sanctioned prices? Illustration: David Simonds/The ObserverGuardian Staff2015-07-05T07:59:09ZBank of England to cut amount of personal savings protected by £10,000http://www.theguardian.com/money/2015/jul/03/bank-of-england-cuts-savings-protection-euro-crisis
<p>It has been forced to reduce figure covered when banks collapse from £85,000 to £75,000 to bring UK in line with rest of the EU</p><p>The Bank of England has been forced cut by &pound;10,000 the amount of a saver’s money that would be protected if a bank went bust, because of the slump in the euro over the past five years.</p><p>The guarantee will now cover &pound;75,000 per account rather than &pound;85,000 – a move that may surprise savers and was described as bonkers by one expert.</p><p> <span>Related: </span><a href="http://www.theguardian.com/business/2014/oct/06/savings-limit-1m-pounds-bank-of-england">Bank of England proposes savings protection limit of &pound;1m</a> </p> <a href="http://www.theguardian.com/money/2015/jul/03/bank-of-england-cuts-savings-protection-euro-crisis">Continue reading...</a>SavingsBusinessFSCSBank of EnglandBanks and building societiesMoneyUK newsEuroEconomicsFri, 03 Jul 2015 15:11:10 GMThttp://www.theguardian.com/money/2015/jul/03/bank-of-england-cuts-savings-protection-euro-crisisPhotograph: Anthony Devlin/PAThe Bank of England has acted due to the slump in the euro since 2010, when the £85,000 limit was set.Jill Treanor2015-07-03T15:11:10ZPremium bonds to be pulled from post officeshttp://www.theguardian.com/money/2015/jun/25/post-office-sales-premium-bonds
<p>National Savings &amp; Investments says premium bonds will stop being available in post offices from 31 July</p><p>Savers will no longer be able to buy premium bonds in branches of the Post Office after July, National Savings &amp; Investments announced on Thursday.</p><p>The bonds, which allow savers to lock away money in a government-backed account that gives them the chance to win up to &pound;1m a month rather than earning interest, have been available over the counter since their launch in 1956.</p> <a href="http://www.theguardian.com/money/2015/jun/25/post-office-sales-premium-bonds">Continue reading...</a>SavingsInvestmentsConsumer affairsUK newsMoneyPost OfficeBusinessThu, 25 Jun 2015 14:33:56 GMThttp://www.theguardian.com/money/2015/jun/25/post-office-sales-premium-bondsPhotograph: PRNational Savings & Investment premium bonds will only be available directly from the company from August 2015.Photograph: PRNational Savings & Investment premium bonds will only be available directly from the company from August 2015.Hilary Osborne2015-06-25T14:33:56ZOver half of pension savers putting enough aside for retirement – reporthttp://www.theguardian.com/money/2015/jun/24/pensions-over-half-saving-enough-retirement
<p>Scottish Widows Retirement Report says 56% now deemed to be saving enough, with men more likely to be planning adequately for their later years</p><p>More pension savers are creating a comfortable retirement for themselves than at any other time in the last decade, with well over half now deemed to be saving adequately, a report has found.</p><p>The annual Scottish Widows Retirement Report found that 56% of over-30s are saving enough for their retirement, which is up from 53% last year and marks the highest level recorded since its records started in 2005.</p><p> <span>Related: </span><a href="http://www.theguardian.com/money/2015/jun/21/self-employed-saving-retirement-pension">Self-employed? Don’t wait to start saving for retirement</a> </p> <a href="http://www.theguardian.com/money/2015/jun/24/pensions-over-half-saving-enough-retirement">Continue reading...</a>Retirement planningSavingsPensionsMoneyUK newsBanks and building societiesFamily financesOlder peopleSocietyTue, 23 Jun 2015 23:04:06 GMThttp://www.theguardian.com/money/2015/jun/24/pensions-over-half-saving-enough-retirementPhotograph: Mark Langridge/Mood Board/RexOn average savers are finally putting away the amounts they need to for a comfortable old age, the report found.Photograph: Mark Langridge/Mood Board/RexOn average savers are finally putting away the amounts they need to for a comfortable old age, the report found.Press Association2015-06-23T23:04:06ZYoung Australians put savings into holidays rather than real estatehttp://www.theguardian.com/australia-news/2015/jun/22/young-australians-put-holidays-ahead-of-real-estate-in-savings-plans
<p>People aged 25 to 34 save an average of $533 a month, and men save 46.5% more than women despite putting aside similar proportions of their income</p><p>Young Australians are more likely to save for a holiday than a house, with men saving 46.5% more a month than women in absolute terms, even though both save a similar proportion of their income.</p><p>Australians aged 25 to 34 are saving $533 a month on average, according to Suncorp Bank’s latest cost of living series on saving habits, and the national monthly saving average is $427.</p> <a href="http://www.theguardian.com/australia-news/2015/jun/22/young-australians-put-holidays-ahead-of-real-estate-in-savings-plans">Continue reading...</a>Australia newsHousingSavingsPopulationTravelMoneyMon, 22 Jun 2015 04:12:04 GMThttp://www.theguardian.com/australia-news/2015/jun/22/young-australians-put-holidays-ahead-of-real-estate-in-savings-plansPhotograph: AlamyA third of young Australians say they are saving for travel or a holiday, and only 14% are saving for a house deposit.Bridie Jabour2015-06-22T04:12:04Z£1bn taken out of pension pots is a sign of new policy's success, says Osbornehttp://www.theguardian.com/money/2015/jun/16/1bn-taken-out-pension-pots-success-george-osbourne
<p>New pension freedoms have allowed 60,000 people to access their savings early, as chancellor tells providers to up their game</p><p>More than &pound;1bn has been transferred out of pension funds over the last two months as a result of the government’s new freedoms, <a draggable="true" href="http://www.theguardian.com/politics/georgeosborne">George Osborne</a> has told the House of Commons.</p><p>In the face of growing criticism that the policy had failed to live up to expectations, the chancellor told MPs that so far 60,000 people have made use of the pension freedoms that came into force.</p> <a href="http://www.theguardian.com/money/2015/jun/16/1bn-taken-out-pension-pots-success-george-osbourne">Continue reading...</a>PensionsSavingsGeorge OsborneFinancial sectorInsurance industryIain Duncan SmithMoneyPoliticsUK newsBusinessTue, 16 Jun 2015 17:01:33 GMThttp://www.theguardian.com/money/2015/jun/16/1bn-taken-out-pension-pots-success-george-osbournePhotograph: WPA Pool/Getty ImagesGeorge Osborne says he will be watching pension providers very carefully.Photograph: WPA Pool/Getty ImagesGeorge Osborne says he will be watching pension providers very carefully.Miles Brignall2015-06-16T17:01:33ZPension companies accused of stopping retirees accessing their savings potshttp://www.theguardian.com/money/2015/jun/14/pension-companies-stopping-retirees-access-savings
Pension freedoms have been in force since 6 April, but many pensioners report difficulties making withdrawals<p>Some of Britain’s biggest pension companies are still refusing to let retirees withdraw cash from their retirement pots, two months after the freedoms were introduced.</p><p>On 6 April, people aged 55 and over were given access to their pension savings, allowing them to spend as they wish without facing huge charges. While the changes posed challenges for providers, most said savers would be able to take out cash lump sums on time. However, frustrated readers say they are still unable to do this.</p> <a href="http://www.theguardian.com/money/2015/jun/14/pension-companies-stopping-retirees-access-savings">Continue reading...</a>PensionsRetirement planningSavingsAnnuitiesMoneyFamily financesUK newsSun, 14 Jun 2015 06:00:05 GMThttp://www.theguardian.com/money/2015/jun/14/pension-companies-stopping-retirees-access-savingsPhotograph: Christian Charisius/ReutersPension companies are accused of preventing pensioners from getting at their savings. Photograph: Christian Charisius/ReutersPhotograph: Christian Charisius/ReutersPension companies are accused of preventing pensioners from getting at their savings. Photograph: Christian Charisius/ReutersHarriet Meyer2015-06-14T06:00:05ZEight reasons you make bad financial decisionshttp://www.theguardian.com/money/2015/may/30/eight-reasons-bad-financial-decisions
<p>Millions of people make terrible financial choices every day. Here’s why</p><p>Why does anyone take a payday loan at 4,000% interest? Or pay &pound;800 for a television from “rent to own” firm BrightHouse rather than buying it for &pound;350 from John Lewis? Why buy junk food when it’s cheaper to cook at home, or waste &pound;10 a week on lottery tickets when the money could be used to pay off debts?</p> <a href="http://www.theguardian.com/money/2015/may/30/eight-reasons-bad-financial-decisions">Continue reading...</a>Family financesSaving moneyPensionsSavingsMoneyConsumer affairsUK newsSat, 30 May 2015 06:00:04 GMThttp://www.theguardian.com/money/2015/may/30/eight-reasons-bad-financial-decisionsIllustration: Mark LongIllustration: Mark LongIllustration: Mark LongIllustration: Mark LongPatrick Collinson and Sarah Coles2015-05-30T06:00:04ZPremium bonds: a safe bet for your savings or just a waste of time?http://www.theguardian.com/money/2015/may/30/premium-bonds-safe-savings-waste-time
<p>One investor won £1m with just £400 in holdings earlier this year, but the odds are stacked against consumers in this lottery-style investment product</p><p>If you are one of the UK’s 21 million premium bond holders and haven’t had much luck, you may be convinced that you need to have a big sum invested to be in with the chance of winning the &pound;1m jackpot. Yet, as recently as January this year, a woman from Leeds struck lucky and bagged the top prize with just &pound;400 in total holdings.</p><p>But while this is proof that such a win is possible, it is rare. Generally, the more you have invested, the greater your chances of winning a prize.</p><p>For every 20 people with &pound;100 invested over a year, 19 must win nothing for one person to win more than &pound;25</p> <a href="http://www.theguardian.com/money/2015/may/30/premium-bonds-safe-savings-waste-time">Continue reading...</a>SavingsInvestmentsSaving moneyTaxSavings ratesMoneyUK newsSat, 30 May 2015 06:00:03 GMThttp://www.theguardian.com/money/2015/may/30/premium-bonds-safe-savings-waste-timePhotograph: Jonathan Hordle/Rex Features‘The bonds are only worth considering if you’ve filled your Isa allowance, used a high-paying current account for some of your savings and still have some left over.’Photograph: Jonathan Hordle/Rex Features‘The bonds are only worth considering if you’ve filled your Isa allowance, used a high-paying current account for some of your savings and still have some left over.’Photograph: Jonathan Hordle/Rex Features'The bonds are only worth considering if you’ve filled your Isa allowance, used a high-paying current account for some of your savings and still have some left over.' Photograph: Jonathan Hordle/Rex FeaturesPhotograph: Jonathan Hordle/Rex Features'The bonds are only worth considering if you’ve filled your Isa allowance, used a high-paying current account for some of your savings and still have some left over.' Photograph: Jonathan Hordle/Rex FeaturesEsther Shaw2015-05-30T06:00:03ZThe bank, the boss, your parents: global borrowing trends mappedhttp://www.theguardian.com/global-development-professionals-network/2015/may/28/the-bank-the-boss-your-parents-global-borrowing-trends-mapped
<p>We’ve broken down new data on global financial habits into these interactive maps to reveal just what a world of borrowers we are. Hover over the maps and click on countries to find out which countries are the biggest borrowers, what they spend their money on and who they would go to for cash in an emergency</p><ul><li><a href="http://preview.gutools.co.uk/global-development-professionals-network/2015/may/28/millions-more-have-a-bank-account-but-what-is-the-impact-on-global-poverty">Millions more have a bank account, but what is the impact on global poverty </a></li></ul><p>On average, two in five people around the world took out a loan in 2013-14, with South Africa, where 86% of adults needed to borrow money last year, being the world’s number one country for people needing loans.</p> <a href="http://www.theguardian.com/global-development-professionals-network/2015/may/28/the-bank-the-boss-your-parents-global-borrowing-trends-mapped">Continue reading...</a>financial inclusion - global development professionals networkGlobal development professionals networkMicrofinanceBorrowing & debtMoneyGlobal developmentWorld newsSavingsThu, 28 May 2015 11:49:26 GMThttp://www.theguardian.com/global-development-professionals-network/2015/may/28/the-bank-the-boss-your-parents-global-borrowing-trends-mappedPhotograph: Ian Richardson38% of adults in Vietnam would approach their employer for a loan in an emergency - 2014 Global FindexPhotograph: Ian Richardson38% of adults in Vietnam would approach their employer for a loan in an emergency - 2014 Global FindexPhotograph: Ian RichardsonAdults in Madagascar were most apprehensive about being able to raise money quickly in an emergency - 58% said this would just not be possible - Global Findex 2014Photograph: Ian RichardsonAdults in Madagascar were most apprehensive about being able to raise money quickly in an emergency - 58% said this would just not be possible - Global Findex 2014Photograph: Rachel Banning-LoverPhotograph: Rachel Banning-LoverRachel Banning-Lover2015-05-28T11:49:26Z